Porsche Invests In US Start-up 'Urgent.ly'

The German auto maker Porsche Automobil Holding SE (POAHY.PK,POAHF.PK) said that it has invested in U.S. mobility and roadside-assistance startup Urgent.ly.

Porsche said its venture capital arm, Porsche Ventures, has taken part in a financing round amounting to $21 million or 18.5 million euros for Urgent.ly. The venture-capital divisions of Bayerische Motoren Werke AG (BMW) and Jaguar Land Rover also obtained shares in Urgent.ly.

Porsche said that the US start-up's platform supports roadside assistance services in North America, Europe and Asia. Using artificial intelligence and geo-location, Urgent.ly connects drivers, service providers and automotive manufacturers in real time, thus coordinating the best and fastest help in the event of a breakdown.

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